A capitalization campaign will start in late March to engage local community banks, Robertson says, beginning with five banks that have been part of starting River City Capital. Clinton Vaughn, community affairs officer for the Federal Deposit Insurance Corp., says, in effect, River City Capital will become the bank in the eyes of entrepreneurs and business owners in the communities it targets.

“River City Capital is not called a bank, but it will function like a bank,” Vaughn says.

The more it leverages its dollars with banking partners the more those banks will see River City Capital as a partner, Vaughn says.

The larger goal for River City Capital is to tackle blight and crime by providing jobs in struggling areas.

“This is really, really a big deal,” says Archie Willis, president of Community Capital LLC and co-chair of Community LIFT. “Being a native Memphian I’ve seen a lot of efforts to revitalize the inner city. Quite frankly, our city has not done a good job, in my opinion.”

Willis made those comments at River City Capital’s first board meeting Feb. 7 when an overview of Community LIFT and River City Capital’s mission were given.

River City Capital begin its fiscal year July 1 so the meeting last week laid the initial groundwork so the board can hit the ground running in July, Robertson says. Board members include a cross-section of business and community leaders, including those from each of the target communities and from Trust One Bank, Cadence Bank, CB Richard Ellis Memphis and Poag & McEwen Lifestyle Centers.

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